CBOT futures closed mixed with soybean and meal futures dropping sharply. For the week, soybean and meal closed near the week’s lows which were set Monday and Tuesday. On the other hand, wheat futures, especially for Chicago contracts, closed up sharply for the week and near the day’s highs (all 3 exchanges saw higher closes each day this week).

Wheat futures led the market this week on the extreme cold temperatures which may damage the recently planted crop. The rally also was fueled by short-covering. Soybean futures dropped sharply on ideas that nearby supply-demand situation has eased on increased farmer selling and possible importation of soybean meal from Argentina. The downward movement in soybean futures accelerated after the November Soybean Contract expired at Noon Central today.

Live Cattle futures closed moderately higher, adding to this week’s upward momentum. The nearby Live Cattle contracts set new contract highs today. This week’s futures rally was confirmed by reports of cash cattle trading today at a record high $171-172/cwt, up $4 from last week. Boxed beef closed mixed this afternoon -- Choice carcasses up 0.81 at 252.16; Select down 0.64 at 238.29/cwt.

The lean hog futures rally kept rolling on today – 7 straight UP days adding $6-7. Demand for beef and pork remains strong enough to pull prices higher. FOB Plant Pork closed down .31 to 95.93/cwt.

Corn Dec -4 382; May -4 403; Dec15 -5 424 Bean Jan -31 1022; May -28 1037; Nov -21 1014 Meal Dec -14 380; May -13 345 Oil +13 3220 Wheat Dec +7 560; Jly +7 575 KC unch 605; MGE +5 589 Oats +1 339 Rice +3 1197

LC Dec +55 17020; Apr -5 16925; Jun +75 16037 FC Nov +65 24000; Jan +190 23612; Mar +177 23460 LH Dec +140 9267; Feb +115 9275; Apr +100 9385 Milk Nov +18 2179; Dec +15 1885

US$ -.25%

Dow -18 17635 SP unch 2040 NAS +8 4689 Tran -12 9062 VIX -.48 13.31

WTI +161 7582 Brent unch 7792 Gas +4 204 NG +4 402 HO +5 242 Eth +4 202 Gold +24 1186 Slvr +69 1631

2-yr -.007 0.516 5-yr -.023 1.605% 10yr -.030 2.319% 30yr -.033 3.043%

Kentucky Weekly Livestock Summary for the week of Nov 7-13, 2014. Receipts This Week Last Week Last Year 28,166 24,928 26,332 Compared to last week Steer Calves above 400 lbs sold steady to 2.00 lower with softer market for 500-600 lbs Steers, below 400 lbs sold 2.00 to 5.00 higher with very good demand. Heifer Calves sold mostly steady except Heifers below 400 lbs sold 2.00 to 5.00 higher with good to very good demand. Quality was average through good. Yearling Steers and Heifers sold steady compared to last week in a limited comparison with good demand. Slaughter Cows sold 1.00 to 2.00 higher with good demand. Slaughter Bulls sold steady to 1.00 higher with good demand.

Supply: Slaughter Cows 7 percent; Slaughter Bulls 1 percent; Feeder cattle 90 percent. In the feeder supply, Steers made up approximately 39 percent and Heifers approximately 36 percent. Steers and Heifers over 600 lbs totaled approximately 40 percent. Replacement cattle 2 percent.

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